More than four million UK households are in serious financial difficulties and have resorted to buying lower-quality food, selling possessions and cutting back on showers to make ends meet. A new report found that an additional 1.6 million households reported they have been struggling since October last year as the cost of living crisis worsened.
Abrdn Financial Fairness Trust and the University of Bristol found that 4.4 million households are now struggling. Households earning more than £100,000 a year were the only group who did not report an increase in serious hardship.
It shows that soaring inflation is hitting lower and middle-income families the hardest. Most respondents are trying to tackle rising energy bills by reducing the number of showers and baths they take and others are using the oven less.
